Revenue growth stalled with a 2.3% contraction in 2026Q1, while gross margins compressed significantly to 10.4% from the 16.5% peak observed in 2024Q3.
| Sales/Revenue | 477.26B | 471.14B | 416.95B | 363.82B | 383.97B | 362.5B | 270.2B | 204.52B | 181.68B | 163.17B | 170.38B | 162.91B | 120.47B |
| Revenue Growth % | 7.99% | 13% | 14.61% | -5.25% | 5.92% | 34.16% | 32.11% | 12.57% | 11.34% | -4.23% | 4.58% | 35.23% | - |
| Cost of Goods Sold | 418.49B | 410.82B | 354.18B | 324.17B | 322.93B | 294.01B | 224.99B | 172.58B | 155.34B | 139.4B | 149.07B | 140.32B | 101.8B |
| COGS % of Revenue | - | 87.2% | 84.94% | 89.1% | 84.1% | 81.11% | 83.27% | 84.38% | 85.5% | 85.43% | 87.49% | 86.13% | 84.5% |
| Gross Profit | 58.78B | 60.33B | 62.77B | 39.65B | 61.04B | 68.49B | 45.22B | 31.95B | 26.34B | 23.77B | 21.31B | 22.59B | 18.67B |
| Gross Margin % | 12.32% | 12.8% | 15.06% | 10.9% | 15.9% | 18.89% | 16.73% | 15.62% | 14.5% | 14.57% | 12.51% | 13.87% | 15.5% |
| Gross Profit Growth % | - | -3.9% | 58.32% | -35.04% | -10.87% | 51.46% | 41.54% | 21.28% | 10.8% | 11.53% | -5.65% | 20.98% | - |
| Operating Expenses | 38.42B | 37.7B | 39.01B | 34.35B | 35.75B | 35.14B | 24.77B | 18.5B | 19.18B | 17.04B | 14.73B | 13.47B | 10.48B |
| OpEx % of Revenue | - | 8% | 9.36% | 9.44% | 9.31% | 9.69% | 9.17% | 9.04% | 10.56% | 10.45% | 8.64% | 8.27% | 8.7% |
| Selling, General & Admin | 37.48B | 37.78B | 36.99B | 33.98B | 34.95B | 29.77B | 23.99B | 18.49B | 16.38B | 17.11B | 14.4B | 13.4B | 10.48B |
| SG&A % of Revenue | - | 8.02% | 8.87% | 9.34% | 9.1% | 8.21% | 8.88% | 9.04% | 9.01% | 10.49% | 8.45% | 8.23% | 8.7% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -78.47M | 2.02B | 368.69M | 798.25M | 5.36B | 778.1M | 5.16M | 2.8B | -69.15M | 325.27M | 66.73M | 0 |
| Operating Income | 20.36B | 22.63B | 23.76B | 5.3B | 25.29B | 33.35B | 20.45B | 13.45B | 7.16B | 6.73B | 6.58B | 9.12B | 8.19B |
| Operating Margin % | 4.27% | 4.8% | 5.7% | 1.46% | 6.59% | 9.2% | 7.57% | 6.58% | 3.94% | 4.12% | 3.86% | 5.6% | 6.8% |
| Operating Income Growth % | - | -4.78% | 348.17% | -79.04% | -24.16% | 63.09% | 52.06% | 87.9% | 6.38% | 2.18% | -27.8% | 11.37% | - |
| EBITDA | 32.94B | 35.25B | 33.46B | 14.06B | 35.38B | 42.68B | 26.85B | 18.54B | 11.93B | 11.17B | 11.06B | 12.79B | 10.74B |
| EBITDA Margin % | 6.9% | 7.48% | 8.02% | 3.86% | 9.21% | 11.77% | 9.94% | 9.06% | 6.57% | 6.85% | 6.49% | 7.85% | 8.91% |
| EBITDA Growth % | -10.99% | 5.37% | 137.94% | -60.26% | -17.09% | 58.94% | 44.83% | 55.34% | 6.8% | 1.04% | -13.52% | 19.13% | - |
| D&A (Non-Cash Add-back) | 12.58B | 12.63B | 9.69B | 8.76B | 10.09B | 9.33B | 6.4B | 5.09B | 4.78B | 4.45B | 4.48B | 3.67B | 2.55B |
| EBIT | 20.86B | 22.63B | 25.69B | 5.96B | 25.89B | 33.65B | 21.27B | 13.2B | 7.33B | 6.69B | 7.04B | 9.12B | 7.81B |
| Net Interest Income | -6.12B | -6.88B | -1.19B | -1.41B | -1.07B | -830.84M | -3.77B | -4.07B | -3.65B | -4.5B | -3.32B | -2.46B | -2.61B |
| Interest Income | 1.14B | 2.3B | 453.73M | 326.44M | 268.42M | 144.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.26B | 9.18B | 1.65B | 1.73B | 1.34B | 975.16M | 3.77B | 4.07B | 3.65B | 4.5B | 3.32B | 2.46B | 2.61B |
| Other Income/Expense | -8.15B | -8.23B | -8.94B | -6.7B | -6.5B | -5.13B | -12.19B | -5.95B | 0 | -5.58B | 0 | -1.24B | -4B |
| Pretax Income | 12.21B | 14.4B | 14.82B | -1.4B | 18.79B | 28.22B | 8.26B | 7.5B | -1.1B | 1.15B | 290.82M | 7.88B | 4.19B |
| Pretax Margin % | 2.56% | 3.06% | 3.55% | -0.38% | 4.89% | 7.78% | 3.06% | 3.67% | -0.6% | 0.71% | 0.17% | 4.84% | 3.48% |
| Income Tax | 1.73B | 2.17B | 4.12B | -668.94M | 2.17B | 6.93B | 3.61B | 1.03B | -1.31B | 126.29M | -274.26M | 2.75B | 1.79B |
| Effective Tax Rate % | 14.2% | 15.09% | 27.78% | 47.85% | 11.54% | 24.57% | 43.67% | 13.78% | 119.13% | 10.96% | -94.31% | 34.9% | 42.59% |
| Net Income | 9.55B | 11.1B | 9.62B | -1.06B | 15.85B | 21.24B | 4.6B | 6.07B | 25.2M | 534.2M | 233.56M | 4.64B | 2.04B |
| Net Margin % | 2% | 2.36% | 2.31% | -0.29% | 4.13% | 5.86% | 1.7% | 2.97% | 0.01% | 0.33% | 0.14% | 2.85% | 1.69% |
| Net Income Growth % | -12.37% | 15.4% | 1006.33% | -106.69% | -25.38% | 361.95% | -24.22% | 23981.78% | -95.28% | 128.72% | -94.97% | 127.91% | - |
| Net Income (Continuing) | 10.48B | 12.23B | 10.7B | -729.14M | 16.62B | 21.28B | 4.65B | 6.46B | 210.12M | 1.03B | 565.09M | 5.13B | 2.41B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.27B | 4.51B | 5.59B | 3.65B | 3.46B | 3.68B | 3.42B | 2.85B | 2.3B | 1.85B | 1.14B | 1.59B | 1.77B |
| EPS (Diluted) | 8.86 | 10.41 | 0.80 | -0.48 | 7.09 | 8.58 | 1.73 | 2.28 | 0.01 | 0.19 | 0.09 | 1.60 | 0.71 |
| EPS Growth % | 55.8% | 1201.25% | 266.67% | -106.77% | -17.37% | 395.95% | -24.12% | - | -95% | 121.45% | -94.64% | 125.35% | - |
| EPS (Basic) | - | 10.41 | 0.80 | -0.48 | 7.09 | 8.58 | 1.73 | 2.28 | 0.01 | 0.19 | 0.09 | 1.60 | 0.71 |
| Diluted Shares Outstanding | 1.08B | 1.07B | 2.22B | 2.22B | 2.25B | 2.48B | 2.66B | 2.67B | 2.67B | 2.85B | 2.73B | 2.9B | 2.88B |
| Basic Shares Outstanding | 1.07B | 1.07B | 2.22B | 2.22B | 2.25B | 2.48B | 2.66B | 2.66B | 2.66B | 2.83B | 2.72B | 2.9B | 2.88B |
| Dividend Payout Ratio | - | 79.38% | 46.14% | - | 27.99% | 34.82% | 31.34% | 0.1% | 503.52% | 17.48% | 471.89% | 10.4% | 10.8% |
Commodity cycle margin compression
According to the most recent quarterly data, JBS experienced a revenue contraction of 2.3% in 2026Q1, marking a sharp reversal from the double-digit growth rates observed throughout 2024 and early 2025, which suggests that the company's top-line expansion is currently stalling amid challenging global protein market conditions.
The transition from 28% year-over-year growth in 2025Q1 to negative territory by 2026Q1 highlights the extreme sensitivity of the business to livestock supply cycles and commodity price volatility. Investors should monitor whether this deceleration reflects a structural shift in consumer demand or merely a temporary trough in the multi-year cattle cycle.
As reported in financial statements, the company's gross margin compressed to 10.4% in 2026Q1, down significantly from the 16.5% peak achieved in 2024Q3, indicating that JBS is struggling to maintain pricing power as input costs for livestock and feed grains remain elevated relative to wholesale meat prices.
The inability to sustain gross margins above 15% suggests that the company's core processing business lacks the defensive moat required to insulate profitability from commodity price swings. This margin volatility underscores the inherent difficulty in passing through cost increases to retailers in a highly competitive, fragmented global protein market.
Based on the provided income statement data, operating margins plummeted to 2.2% in 2026Q1 from a high of 7.8% in 2024Q3, demonstrating that the company's operating leverage is currently working against it as fixed costs remain rigid while gross profit dollars decline sharply across the segments.
The sharp contraction in operating income suggests that management has limited flexibility to adjust SG&A expenses in response to revenue declines. This lack of operational agility may exacerbate earnings volatility during periods of industry-wide downturns, warranting further investigation into the company's ability to rationalize its cost base.
Analysis of the income statement reveals that EPS dropped to 1.03 in 2026Q1, a 22% decline from the prior year, which appears to be driven by the combination of shrinking net margins and the inherent volatility of biological asset valuations that frequently distort the company's reported net income.
The erratic nature of EPS, which swung from 0.04 in 2023Q4 to 3.00 in 2025Q3, suggests that investors should be cautious when relying on headline earnings figures. The reliance on non-operating items and fair value adjustments makes it difficult to ascertain the true normalized earnings power of the underlying protein processing operations.
Data from recent filings indicates that JBS maintains a high Debt/Equity ratio of 2.40, which, when coupled with the current trend of declining operating income, suggests that the company's ability to service its significant debt obligations may become increasingly strained if the current margin compression persists.
Short-sellers would likely focus on the potential for a liquidity crunch if the company's cash flow generation continues to deteriorate alongside the US cattle cycle. The reliance on aggressive M&A to drive growth has left the balance sheet vulnerable to interest rate shocks and reduced access to capital markets.
Quick answers to the most common questions about buying JBS stock.
For fiscal year 2025, JBS N.V. (JBS) reported total revenue of $471.14B. This represents a 291.1% increase compared to $120.47B in 2014.
JBS N.V. (JBS) is profitable, generating $11.10B in net income for the fiscal year ending 2025 with a net profit margin of 2.4%.
JBS N.V. (JBS) reported an operating income of $22.63B, resulting in an operating profit margin of 4.8%. This margin reflects the operational efficiency of the business before interest and taxes.
JBS N.V. (JBS) generated $60.33B in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.